Class Action Litigation
Claim Against Ernst & Young LLP and Ernst & Young Middle East by Shareholders of Finablr PLC
Edwin Coe LLP is bringing a group claim on behalf of shareholders of Finablr PLC (“Finablr”). The claim is against Ernst & Young LLP and Ernst & Young Middle East who were auditors and Reporting Accountants for Finablr PLC during its Initial Public Offering (“IPO”) in May 2019. The claim is for losses caused to shareholders who bought in, or in the period after, the IPO, arising from allegations of incorrect financial information set out in the prospectus.
Edwin Coe has been prosecuting securities collective actions across various fields for 25 years or more, being the pioneers in this area of practice in England. The firm has prosecuted some of the best-known class actions in London and abroad, including the landmark cases of Factortame, Northern Rock, and Railtrack. Edwin Coe’s intention is that the claim will be prosecuted on a funded ‘no win no fee’ basis.
Finablr PLC was a financial services holding company which operated between 2018 and 2020. It was listed on the London Stock Exchange in May 2019, but its shares were suspended and subsequently delisted from trading in 2020 after concerns regarding its finances. It was never relisted and subsequently went into administration in April 2022. Effectively its shares are now worthless.
Its collapse followed that of NMC Health Plc (In administration) its sister company with which it was closely associated, which was also delisted, in February 2020 and went into administration in April 2020. The FCA found that NMC had been operating dual sets of accounting records. The financial statements disclosed publicly misled investors by understating its debts by as much as $4 billion. Ernst & Young are the subject of separate proceedings brought by the administrators of NMC in relation to their audit of the company. They are also being investigated by the Financial Reporting Council.
The claim represents an opportunity for investors in Finablr to recover compensation. Shareholders who have subscribed for shares in Finablr PLC during the IPO in May 2019 and in the period thereafter may join the claim against Ernst & Young LLP and Ernst & Young Middle East. It has become clear that the financial information included in the prospectus, verified by Ernst & Young Middle East as Reporting Accountant, overstated Finablr PLC’s to a very substantial degree. Shareholders who suffered financial loss due to Finablr PLC’s overstatement of revenue are encouraged to come forward and explore their rights and potential remedies.
Edwin Coe have investigated this potential claim with leading counsel, forensic experts and an expert in the obligations of IPO Reporting Accountants. Edwin Coe is also in the final stages of putting in place funding for this claim.
If you believe you are eligible, please contact David Greene or Frederick Sheppard on 020 7691 4000 or complete this form with your details, and our team will be in touch with you promptly.
Register your details
If you believe you are eligible, please contact David Greene or Frederick Sheppard on 020 7691 4000 or complete this form with your details, and our team will be in touch with you promptly.
Contact our Class Action Litigation Team
telephone: 020 7691 4000
or email: enquiries@edwincoe.com